Post Utme Afe Babalola University 2023 Accounting Question 37

Practice objective / multiple choice question 37 from the 2023 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2023 Accounting Objective / Multiple Choice
Question 37 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following transactions: Purchased a piece of land for ₦500,000, and then sold it for ₦700,000. Prepare the journal entry for the above transactions.

Answer Options

Correct Answer A. Debit Land ₦500,000, Credit Cash ₦700,000
B. Debit Cash ₦500,000, Credit Land ₦700,000
C. Debit Land ₦500,000, Credit Cash ₦700,000
D. Debit Cash ₦500,000, Credit Land ₦700,000
Correct Answer
A
Correct Option:
Debit Land ₦500,000, Credit Cash ₦700,000

About This Question

This is Post Utme Afe Babalola University 2023 Accounting Question 37. It is one of the objective questions from the 2023 Post Utme Afe Babalola University Accounting examination.

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